The energy shock was not too bad. But that could soon change
Several buffers have kept prices in check despite the severe disruption to oil supplies. These are now fraying, and your bills could rise.
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On paper, the disruption to energy markets following the Iran war should have caused a much bigger and more lasting price spike.
ST PHOTO: KELVIN CHNG
Bernard Aw
It feels like a long time back, but it was only February when you could buy a litre of 95-octane fuel for $2.88. The Iran war has put an end to those days. That grade of petrol spiked to $3.49 a litre before settling around $3.37 a litre in recent days.
The oil crunch has not spared other expenses either. Electricity tariffs have spiked by 17 per cent in the July to September period. This means that those living in a Housing Board five-room flat will see their monthly electricity bills rise by $20.20 on average. The town gas tariff has gone up by 7.1 per cent.
